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The quarter-on-quarter and year-on-year increase of CPI continued to fall

Oct. 15, 2020

In September, all localities actively implemented the "six stability" and "six guarantees" policies and normalized epidemic prevention and control measures, and the market supply and demand situation was generally stable. From a month-on-month perspective, the CPI rose by 0.2%, a drop of 0.2% from the previous month. Among them, food prices rose by 0.4%, a drop of 1.0 percentage point from the previous month, affecting the CPI's rise by about 0.09 percentage points. In food, due to the superimposed influence of seasons and festivals, the price of fresh fruits has changed from a 0.4% drop last month to an increase of 7.3%; affected by seasonal factors and rainfall in some areas, the price of fresh vegetables continued to rise by 2.4%, a decrease of 4.0% from the previous month Percentage points; With the continuous recovery of live pig production, the continuous improvement of stocks, the increase of reserve pork supply, and the increase of pork supply, the price has changed from a 1.2% increase last month to a decrease of 1.6%. Non-food prices rose by 0.2%, an increase of 0.1 percentage points from the previous month, affecting the CPI's rise by about 0.14 percentage points. Among non-food items, with the gradual recovery of entertainment consumption, the number of movie viewers increased, and the price of movie tickets increased by 4.1%; the new semester began, the fees of extracurricular education and some private schools increased, and the price of education services rose 1.6%; The price of clothing rose by 0.9%.

The quarter-on-quarter and year-on-year increase of CPI continued to fall

From a year-on-year perspective, the CPI rose by 1.7%, a decrease of 0.7 percentage points from the previous month. Among them, food prices rose by 7.9%, a decrease of 3.3 percentage points from the previous month, affecting the CPI's rise by about 1.69 percentage points. In food, the price of pork rose by 25.5%, a sharp drop of 27.1 percentage points from the previous month; the price of fresh vegetables rose by 17.2%, an increase of 5.5 percentage points; the prices of beef and mutton rose by 9.0% and 5.4%, respectively, and the increase fell by 5.4 and 4.3 respectively. The price of fresh fruit fell by 6.9%, and the rate of decline narrowed by 12.9%; the prices of eggs, chicken, and duck fell by 17.7%, 9.1%, and 4.7%, respectively, and the rates of decline expanded by 5.3, 7.5, and 3.8 percentage points, respectively. Non-food prices have turned unchanged from a 0.1% increase last month. Among non-food items, the price of health care rose by 1.5%, the price of education, culture, and entertainment rose by 0.7%, and the price of transportation and communications fell by 3.6%. The prices of gasoline and diesel fell by 15.0% and 16.6%, respectively. The core CPI, excluding food and energy prices, rose 0.5% year-on-year, the same rate as the previous month.


According to estimates, of the 1.7% year-on-year increase in September, the carry-over impact of last year's price changes was about 1.2 percentage points, and the impact of the new price increase was about 0.5 percentage points.


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